Problem: A drawer contains a mixture of red socks and blue socks, at most $1991$ in all. It so happens that, when two socks are selected randomly without replacement, there is a probability of exactly $\frac{1}{2}$ that both are red or both are blue. What is the largest possible number of red socks in the drawer that is consistent with this data?

Answer: Let $r$ and $b$ denote the number of red and blue socks, respectively. Also, let $t=r+b$. The probability $P$ that when two socks are drawn randomly, without replacement, both are red or both are blue is given by
\[\frac{r(r-1)}{(r+b)(r+b-1)}+\frac{b(b-1)}{(r+b)(r+b-1)}=\frac{r(r-1)+(t-r)(t-r-1)}{t(t-1)}=\frac{1}{2}.\]
Solving the resulting quadratic equation $r^{2}-rt+t(t-1)/4=0$, for $r$ in terms of $t$, one obtains that
\[r=\frac{t\pm\sqrt{t}}{2}\, .\]
Now, since $r$ and $t$ are positive integers, it must be the case that $t=n^{2}$, with $n\in\mathbb{N}$. Hence, $r=n(n\pm 1)/2$ would correspond to the general solution. For the present case $t\leq 1991$, and so one easily finds that $n=44$ is the largest possible integer satisfying the problem conditions.
In summary, the solution is that the maximum number of red socks is $r=\boxed{990}$.